GCash Loan review is a popular mobile wallet in the Philippines that also offers loan services.
At retailasiaonline.com, we will review this loan app, including the requirements, interest rate, and renewal process.
We will also discuss the pros and cons of this loan app so that you can decide if it is right for you.
Let’s dive in!
- Summary of GCash loan
- What is GCash loan?
- Pros of GCash loan app
- Cons of GCash loan online
- GCash loan interest rate
- Example of GCash loan interest calculator
- GCash loan maximum amount and limit
- GCash loan requirements
- How to apply for a GCash loan?
- GCash Loan App Reviews and Feedback
- How to renew a GCash loan?
- How to pay the GCash loan?
- Compare the GCash loan App to others
- GCash loan contact number
- FAQs – GCash loan App
Summary of GCash loan
|✅ Review||⭐ GCash Loan App|
|✅ Guide to||⭐ Apply for a loan to easy GCash loan online Philippines|
|✅ Maximum Loan||⭐ 150,000 PHP|
|✅ Age||⭐ 21 – 65 years old|
|✅ Term||⭐ 3 – 24 months|
|✅ Interest rate||⭐ 1.59% – 6.57% per month|
|✅ Requirements||⭐ Acceptable GScore|
|✅ Pros||⭐ Fast approval|
|✅ Cons||⭐ Risk of overborrowing|
|✅ Evaluate the effectiveness||⭐ Good|
|✅ Bad dept||⭐ Allow|
|✅ Feedback||⭐ Read more in this article|
|✅ Legit||⭐ Yes|
|✅ Payment||⭐ By app, via Partner Branch, and OTC|
|✅ Contact number||⭐ (02) 7213-9999|
|✅ GCash app download APK||⭐ Link here|
|✅ SEC Registration No.||⭐ CS201617622|
What is GCash loan?
GCash loan (also known as GLoan) is a lending feature offered to GCash users in the Philippines. With GLoan, users can access emergency loans of up to ₱125,000 instantly through the GCash app. These loans can be used for various purposes, such as paying bills or addressing financial needs.
Pros of GCash loan app
GCash loan app gives its borrowers the following upsides:
- For tech-savvy borrowers, the mobile tool makes it easy to apply for and process loans.
- You can get the loan fast; in fact, some lenders offer instant approval, so applicants can get the money right away.
- Many people can get this loan, even those who have never had a bank account before.
- GCash gives customers a choice of loan types with various terms and interest rates to meet their specific financial needs.
Cons of GCash loan online
Borrowers will get some drawbacks when they apply for a GCash loan as follows:
- The rates on this loan may be higher than those on bank loans. Borrowers should carefully look over interest rates and terms before borrowing money to avoid unpleasant shocks.
- Loans from GCash might be smaller than loans from banks. Some people may need more money than this.
- People who use GCash need to know how to use mobile apps and do digital transactions. People who aren’t tech-savvy might find this hard.
- Since these loans are so easy to get, some people may borrow more than they can afford, which can put them in financial trouble.
GCash loan interest rate
Interest rates on a fast loan in 15 minutes GCash will rely on your eligibility and the amount you borrow. They will be between 1.59% and 6.57% per month.
One-time handling fees equal to 3% of the total loan amount will be charged. The total amount of the loan you will get will be lessened by this.
Example of GCash loan interest calculator
An example of an easy GCash loan online interest calculator is as follows:
- Loan amount: PHP 50,000
- Tenor: 24 months
- Interest rate: 1.59% per month
- Processing fee: 3% of the loan amount
- (Loan amount * Interest rate) / 12 + Processing fee / 12 = (50,000 * 1.59%) / 12 + 3% / 12 = PHP 397.50
- (Loan amount * Interest rate) * Tenor = (50,000 * 1.59%) * 24 = PHP 16,720
Total amount to pay:
- Loan amount + Total interest + Processing fee = 50,000 + 16,720 + 1,500 = PHP 68,220
In this example, the borrower will need to pay PHP 397.50 every month for 24 months. The total interest that they will need to pay is PHP 16,720, and the total amount to pay is PHP 68,220.
GCash loan maximum amount and limit
The maximum loan amount and limit for a GCash loan can vary depending on several factors, including your creditworthiness, transaction history, and the specific loan product you are applying for.
The maximum amount you can borrow is up to PHP 125,000. GCash evaluates these factors to determine the loan amount you are eligible for.
GCash first loan
For your first easy GCash loan online, the maximum amount you can borrow is still up to PHP 125,000.
The initial loan amount is often used to assess your repayment behavior and creditworthiness.
GCash 2nd loan amount
After successfully repaying your first loan, you may be eligible for a higher GCash 2nd loan amount. However, these limits can still vary based on your financial profile.
GCash loan requirements
To become eligible for a GCash loan in the Philippines, you should fulfill the following criteria:
- You need to be a Filipino national and between the ages of 21 and 65.
- Your credit background needs to be good.
- An acceptable GScore is required.
- GCash accounts must be fully verified.
- Your credit score must be good.
How to apply for a GCash loan?
To apply for a GCash loan, adhere to the following instructions:
Step #1: Download the app
Step #2: Launch the app
- Sign in to your GCash account and then opt for the “GLoan” tab.
Step #3: View the loan
- Check your loan amount, rate of interest, and handling fees.
- Next, press “GET STARTED” to proceed.
Step #4: Give your loan details
- Choose the amount of your loan, the months to pay, and the purpose of loan.
- Following that, hit the “GET THIS LOAN” option.
Step #5: Review your loan
- Look over the amount being sent, the monthly payments, and the date of your first payment.
- After that, press “CONTINUE”.
Step #6: Phone verification
- Use the OTP that will be sent to your phone to confirm your loan application.
Step #7: Online loan GCash disbursement
- After waiting for acceptance, you’ll get the loan money in your GCash wallet in 24 hours.
- Lastly, enjoy getting your money right away in your GCash pocket!
GCash Loan App Reviews and Feedback
I will now give my GCash loan review after a few months of using and I’m overall satisfied with it.
The application process is quick and easy, and the interest rates are competitive. I was able to get a loan of PHP 5,000 which helped me cover my emergency expenses. The money was deposited into my GCash wallet immediately, so I could use it right away.
I would recommend this loan app to anyone who needs quick access to cash.
You can refer to some reviews from its customers as follows:
How to renew a GCash loan?
To get a GCash loan renewal, you can follow these steps:
Step #1: Check Eligibility
- Ensure that you meet the eligibility criteria for renewing this loan.
- You can see this information in the terms and conditions of your existing loan.
Step #2: Re-Apply
- Visit the GCash app or website and navigate to the loan section.
- You can re-apply for another GLoan if you have an existing one fully paid off.
Step #3: Follow Instructions
- Pay attention to any specific instructions or requirements provided during the re-application process.
- This might include providing updated information or documents.
Step #4: Review Terms
- Understand the terms of your renewed loan, including the repayment schedule and interest rates, as outlined in the terms and conditions.
Step #5: Submit Application
- Complete the application process by submitting the required information and documents.
Step #6: Wait for Approval
- Your loan application will be reviewed by GCash, and once approved, the loan amount will be disbursed to your GCash wallet.
How to pay the GCash loan?
To make a GCash loan payment, follow these steps:
- First, understand your loan details, including the amount and due date. Then, ensure you have enough funds in your GCash wallet to cover the loan repayment.
#1. Payment via the GCash App
- Launch the GCash app on your smartphone.
- Tap on “Borrow” or a similar option.
- Select “GLoan” as the category.
- Press “PAY FOR GLOAN” and follow the next instructions on the app to pay your loan.
#2. Payment via Partner Banks
- You may also have the option to pay your loan through partner banks or payment centers.
- Check with your loan provider for specific instructions.
#3. Payment through over-the-counter (OTC) payment channels
- You can pay your this loan at any Bayad Center, Cebuana Lhuillier, or Palawan Pawnshop branch.
Compare the GCash loan App to others
|Criteria||GCash loan app||Wowpera loan||CIMB personal loan|
|Loan amount||Up to ₱125,000||Up to ₱15,000||Up to ₱1,000,000|
|Interest rate||1.59% – 6.57%||About 0.8% per day||About 1.12% per month|
|Loan term||5 – 24 months||2 – 6 months||12 – 60 months|
|Application process||Apply through the GCash app||Apply through the Wowpera app or website||Apply through the CIMB app or website|
Sources: Refer to Sate Bank reporting and research.
GCash loan contact number
To give your concerns about online loan GCash disbursement, contact them via the following channels:
- Phone number: (02) 7213-9999
- Email: support@GCash.com
- Address: H332+94R, 32nd St, Taguig, 1634 Metro Manila, Philippines
- BPI Personal Loan Philippines
- Kusog Pera Loan
- Lucky Loan App
- Online Loan Pilipinas
- Sec Registered Loan App
- Online Loan in the Philippines
FAQs – GCash loan App
Follow the FAQs about GCash loan to get more details:
Can I borrow money from GCash?
Yes, you can borrow money from GCash through their service called GLoan. To get started, visit the GLoan page on GCash for details on eligibility and the application process. You can easily get money through this service for a variety of reasons, such as personal expenses or emergencies.
How to transfer funds shopee loan to GCash?
From the home screen of the Shopee app, touch the ShopeePay tab to transfer funds to GCash. Tap “Send Money” then “To Other E-Wallet”. Select GCash under E-wallet. Enter your GCash account name and number. Type the send amount. After hitting “Next”, verify all details. After clearing, tap “Send Money Now”.
What happen if unpaid GCash loan?
If you have an unpaid GCash loan, there can be consequences. GCash typically has due dates for repayments, and if you fail to pay on time, you may incur additional fees and interest charges. These charges can accumulate over time, making it more challenging to clear your debt.
How to increase GCash loan?
To increase your GCash loan limit, maintain a good transaction history, use GCash regularly for payments and transfers, link your bank account, and improve your credit score. GCash may periodically review your account and offer higher loan limits based on your financial activity and creditworthiness.
How to pay loan using other GCash account?
To pay the loan app thru GCash, you can open this app and tap “Pay Bills”. Select “Loans” then choose the loan provider. Enter the amount you want to pay and the account number of the loan provider. Review your payment details then tap “Confirm” to proceed with the payment.
The GCash loan app continues to be a convenient and accessible financial solution in 2023.
With its straightforward application and flexible renewal options, it has proven to be a reliable ally for individuals facing unexpected financial challenges.
However, remember that responsible borrowing is key to avoiding debt traps. Always assess your financial situation and repayment capacity before taking out a loan.